If you moved overseas and could only pack one suitcase, what would you bring with you?
Chances are, some of your most valuable items come to mind: your engagement ring, that Nikon camera, and the antique watch you got from your grandpa.
We know how important these things are to you, which is why your contents insurance policy provides special cover for them. At Lemonade, we call it a high-value item cover or HVI.
Which items are covered, and which aren’t? And how do you add it, anyway?
We’re here to answer all of these questions for you. But first, we want to clear up some potentially confusing insurance lingo.
Short on time?
- High-value item (HVI) cover insures your most prized possessions, past £2,000 up to its full value (up to £50,000 per item)
- High-value item cover can be offered for most valuable items
- If your partner is in possession of the item, e.g. they’re wearing an engagement ring, then they must be added to your insurance policy as an ‘additional insured’.
So, what is high-value item cover?
High-value item (HVI) cover insures your most prized possessions, past £2,000 up to its full value (up to £50,000).
So let’s say you purchase an expensive ring costing £8,000. If you insured it under your base policy and had a home break-in, you’d only be able to claim £2,000 (minus the excess) for the ring. If you want to make sure you’re properly covered for the full amount, you’ll want to add HVI cover.
Which items are covered by high-value item cover?
Generally speaking, high-value item cover is offered for:
A couple of things to keep in mind, though. You can cover multiple items from each category—say, two bikes, three watches, a violin and a bass guitar—but the sky isn’t the limit. If you have enough musical instruments for an orchestra, or an entire Tiffany’s collection in your jewellery box, your HVI cover can’t necessarily insure all of them.
Your maximum limit for all your high-value items is £50,000.
Let’s talk about jewellery
One of the most common items for high-value cover is… you guessed it: Engagement rings and wedding bands.
If you bought your fiancé an engagement ring, that jewellery is already covered under your base policy against burglary, vandalism, fire, and other named perils: When you’re at home. But if you want to be covered for theft outside the home, you’ll need to purchase the Theft and Loss cover add-on. This gives you protection against theft anywhere in the world.
Another thing to consider: If your partner is in possession of the jewellery item, as in, they’re the one wearing the engagement ring, then they must be added to your insurance policy as an ‘additional insured’.
Why? Because if he or she loses the engagement ring while in their possession, it’ll only be covered if their name is listed on your policy. Note that in order to add your partner to your policy, they must be living with you at the address listed on your policy.
Some notes on bikes, cameras, and musical instruments…
A Lemonade Contents insurance policy already covers your camera equipment, instruments, and bicycles against burglary, vandalism, fire, and more, inside your home.
These belongings technically fall under your base policy’s contents (personal property) cover, so as long as you set your contents cover amount accordingly (based on how valuable your stuff is), you may already be fully covered for these categories. But if your camera equipment or instruments are pricey items, you’ll want to apply for some HVI cover.
What about other valuables that aren’t jewellery, art, and so on?
If you’re thinking ‘Wait, I have a few expensive items that don’t fit into any of those categories above…’ Don’t stress: These items are probably covered against common perils under your base insurance policy, including furniture, personal electronics, and clothing.
Which items aren’t covered under high-value item cover?
You can apply for HVI for most items. Only your personal items are covered under high-value item cover. You can’t add HVI cover for things that you use for your business.
So let’s say you have a side gig photographing weddings. While your base policy can cover your camera up to a certain amount for ‘named perils,’ you can’t get HVI cover on your camera in this instance. If you need to cover your professional camera for accidental damage and mysterious disappearance, you’ll want to look into business insurance through another carrier.
How do I get HVI cover?
Protecting your valuables with Lemonade Contents insurance is easy, and can be done right from your phone. If you want to add HVI cover for specific items, you just have to follow a few additional steps when getting your policy:
- Once you’ve gone through the quote flow you’ll be able to customise your policy, including add-ons. There, you’ll be able to specify which valuable item you want to cover.
- You’ll receive an email from our lovable chatbot Maya. Open it, and tap where it says ‘Add High-Value Item Cover.’
- You’ll be asked to answer a few basic questions, as well as providing photos of your camera; a picture of the receipt; and (perhaps) a shot of the camera or lens alongside the receipt.
Don’t have a receipt? No stress. As an alternative, you can provide the camera’s model and serial number, along with a screenshot of an online retailer that shows the current value. This makes it easy for Lemonade to determine the item’s replacement value.
After you’ve submitted everything our team will get in touch via email to let you know the status of your request. You can add HVI cover for additional items at any point in the future.
Good to know: If you decide to add HVI cover when you first get your policy, Lemonade will automatically grant you temporary HVI cover for 14 days. This will give you time to send over the necessary info, and for our team to review it.